And we saw coming into '19 that they had delegated from Beijing to the provinces the enforcement of environmental actions. And so they were much more focused on employment.

and we saw coming into '19 that they had delegated from beijing to the provinces the enforcement of environmental actions and so they were much more focused on employment


Remember, the last 10 years in finance has just changed dramatically the culture, the career tracks between large institutions and the boutique. And the interest in the boutique model,

remember the last 10 years in finance has just changed dramatically the culture the career tracks between large institutions and the boutique and the interest in the boutique model


This breadth and diversity gives us confidence in our ability to sustain strong performance under a variety of market conditions and provide a great platform for future growth.

this breadth and diversity gives us confidence in our ability to sustain strong performance under a variety of market conditions and provide a great platform for future growth


from a revenue point of view, it will be noticeable, but it will not turn anything upside down in '18. But if you give this 2, 3 years it will be quite significant, I dare to say.

from a revenue point of view it will be noticeable but it will not turn anything upside down in '18 but if you give this 2 or 3 years it will be quite significant i dare to say


And we believe it's important for investors to look at our results on this non-GAAP basis as well. The reason we use these non-GAAP measures is GAAP revenue recognition for a customer contract

and we believe it's important for investors to look at our results on this non-gaap basis as well the reason we use these non-gaap measures is gaap revenue recognition for our customer contracts


As I've said previously, quite frankly, there are so few companies with the resources and experience to successfully undertake these projects

as i've said previously quite frankly there are so few companies with the resources and experience to successfully undertake these projects


This is an ongoing process and we expect to identify other areas, where we can reduce cost or improve efficiencies across the business, whether it would be centrally or at the centers themselves.

this is an ongoing process and we expect to identify other areas where we can reduce costs or improve efficiencies across the business whether it be centrally or at the centers themselves


new system development and works our reforms in order to ensure that we have a management system in place that is consistent with the growing strength of the organization.

new system development and work style reforms in order to ensure that we have a management system in place that is consistent with the growing strength of the organization


To this end, we see a significant opportunity to diversify our funding around Marlin Business Bank and to better leverage our capital base through the wholesale credit facility and the capital markets activities I mentioned earlier.

to this end we see a significant opportunity to diversify our funding around marlin business bank and to better leverage our capital base through the wholesale credit facility and the capital markets activities i mentioned earlier


For example, we could achieve the high end of our revenue guidance range while following in the low end of the adjusted EBITDA range during a period of high growth with a high proportion of new customers.

for example we could achieve the high end of our revenue guidance range while falling in the low end of the adjusted ebitda range during a period of high growth with a high proportion of new customers


While this sale will reduce our debt significantly, it does not solve our financing issues. We will continue to work with our Board, Raymond James and our banking partners to position ourselves for future success.

while this sale will reduce our debt significantly it does not solve our financing issues we will continue to work with our board raymond james and our banking partners to position ourselves for future success


That said, if they are facing some broader market headwinds, typically, they have some flexibility in their timing as to these environmental upgrade decisions.

that said if they are facing some broader market headwinds typically they have some flexibility in their timing as to these environmental upgrade decisions


To me it seemed like there is some more confidence in the outlook, and it also seemed like there may be a broadening what you're looking at a little bit.

for me it seemed like there is some more confidence in the outlook and it also seemed like you're maybe broadening what you're looking at a little bit


as we plan to leverage Telefonica's push notification platform. We continue to anticipate margins for this organic service to be high and in line with our consumer business.

as we plan to leverage telefonica's push notification platform we continue to anticipate margins for this organic service to be high and in line with our consumer business


a lower price for a number of blocks in Canada. We're getting rid of a monthly minimum that we were stuck with for many, many years because the contract was, I think, over 3 years in duration.

a lower price per number blocks in canada we're getting rid of the monthly minimum that we were stuck with for many many years because the contract was i think over 3 years in duration


I think as -- our expectation is as the collectors season and become more productive that, that will have a positive impact on our cash efficiency metric.

i think as -- our expectation is as the collectors season and become more productive that will have a positive impact on our cash efficiency metric


not only to react fast in markets, but also because trends which first appear in a particular market now go global faster than any time before. There is indeed a premium on speed,

not only to react fast in market but also because trends which first appear in a particular market now go global faster than any time before there is indeed a premium on speed


making us more agile, faster, more connected with our consumers and customer base and ultimately, freeing up the funds to accelerate innovation and growth.

making us more agile faster more connected with our consumers and customer base and ultimately freeing up the funds to accelerate innovation and growth


On March 14, the administrative law judges in our case issued an order adopting a procedural schedule. As the schedule indicates, we're currently immersed in the discovery process, and we've been busy responding to numerous requests for information.

on march 14 the administrative law judges in our case issued an order adopting a procedural schedule as the schedule indicates we're currently immersed in the discovery process and we've been busy responding to numerous requests for information


That is correct. We've moved it over to the segment January 1. And the reason we did that was that there are some operating cost expense that goes early into the project,

that is correct we moved it over to the segment january 1 and the reason we did that was that there are some operating cost expense that goes early into the project


And therefore, my aim is to have a sustainable dividend development that is clearly based on operational improvement. It makes no sense

and therefore my aim is to have a sustainable dividend development that is clearly based on operational improvement it makes no sense


really trying to dissect them and understand what the potential impacts are going to be. And quite honestly, it could be some time before the states themselves digest them and figure out how they're going to operationalize the rules.

really trying to dissect them and understand what the potential impacts are going to be and quite honestly it could be some time before the states themselves digest them and figure out how they're going to operationalize the rules


This is manifested in our increased commitment to building our branded businesses and strengthening our overall portfolio. We continue to see strong performance in our core brands.

this is manifested in our increased commitment to building our branded businesses and strengthening our overall portfolio we continue to see strong performance in our core brands


by the time you do the converts and you pay the interest and you pay the bank? Is there anything left for shareholders from a profitability standpoint? That by the time you divide it up on the shares versus

by the time you do the converts and you pay the interest and you pay the bank is there anything left for shareholders from a profitability standpoint that by the time you divide it up on the shares versus


One key component of that relates to a tax settlement in Italy, which you can read more about that we disclosed in our annual report. It is positive for us that we have settled

one key component of that relates to a tax settlement in italy which you can read more about that we disclosed in our annual report it is positive for us that we have settled it


being low, especially in the first 2 months of the year. Our results were driven by strong performance in our marketing and Logistics businesses and demonstrate our ability to leverage our highly integrated business model.

being low especially in the first 2 months of the year results were driven by strong performance in our marketing and logistics businesses and demonstrate our ability to leverage our highly integrated business model


to go into overtime. And you're going to run overtime up there, until such time that you can't produce the tires you got,

to go into overtime and you're going to run overtime up there until such time that you can't produce the tires you got


On balance, you're probably going to see the outlook for credit to grow a little bit faster. The demand is certainly going to be higher this year given the degradation in farm income and some of the restructuring on operating lines and the use of

on balance you're probably going to see the outlook for credit to grow a little bit faster the demand is certainly going to be higher this year given the degradation in farm income and some of the restructuring on operating lines and the use of


thinking about that, and so that will also be part of how we'll consider the steps that we take going forward. But I would say the tone of things with respect to the administrative side

thinking about that and so that will also be part of how we'll consider the steps that we take going forward but i would say the tone of things with respect to the administrative side


As the world's largest video game retailer, we expect to take full advantage of this exciting new product by working diligently to deliver as many units as possible to our customers all year long.

as the world's largest video game retailer we expect to take full advantage of this exciting new product by working diligently to deliver as many units as possible to our customers all year long


And finally, subsequent to the quarter, we announced we had completed the sale of substantially all of group Commensal assets related to the manufacturing of Commensal products.

and finally subsequent to the quarter we announced we have completed the sale of substantially all of group comacel's assets related to the manufacturing of comacel products


I would expect that we will go through where we are on the 4 growth metrics that we put out there. But remember that those growth -- the growth goals we put out were really client business metrics.

i would expect that we will go through where we are on the 4 growth metrics that we put out there but remember that those growth -- the growth goals we put out were really client business metrics


And then once we get to a dose level that we think is therapeutic, we may continue dose escalating a bit in those patients -- excuse me, in those healthy volunteers just to collect additional data.

and then once we get to a dose level that we think is therapeutic we may continue dose escalating a bit in those patients -- excuse me in those healthy volunteers just to collect additional data


whoever -- whatever biosimilars want to enter this market, they're going to have to navigate their way through that IP. And I still feel as confident as I did when we communicated that to you back

whoever -- whatever biosimilars want to enter this market they're going to have to navigate their way through that ip and i still feel as confident as i did when we communicated that to you back in


detail on this about the potential for the timing of the second cracker. But I wanted to focus more -- less on the margins and more on sort of the timing of the shift that we've seen in terms of

detail on this about the potential for the timing of the second cracker but i wanted to focus more -- less on the margins and more on sort of the timing and the shift that we've seen in terms of


We're driving consumer engagement through the successful Made of Black campaign, which links the consumer interest in football and the English Premier League with the brand purpose.

we're driving consumer engagement through the successful made of black campaign which links the consumer interest in football and the english premier league with the brand purpose


Second, the implementation of new e-merchandising algorithm improved the relevance of product display and then substantially enhanced access for the pages

second the implementation of new merchandising algorithm improved the relevance of product display and then substantially enhanced access to product for the pages


Linked quarter decline can be attributed in part to typical third quarter seasonality, as well as less favorable market conditions, with lower volatility experienced in the third quarter.

linked quarter decline can be attributed in part to typical third quarter seasonality as well as less favorable market conditions with lower volatility experienced in the third quarter


We continue to improve the overall tech talent search platform for Dice. Aside from significant user interface improvements, we're making it easier for employers to connect with and engage potential quality tech candidates.

we continue to improve the overall tech talent search platform for dice aside from significant user interface improvements we're making it easier for employers to connect with and engage potential quality tech candidates


that was distributed at the close of regular trading and is available on the company's website. As a reminder, during today's call, the company will refer to a presentation that is available to participants

that was distributed at the close of regular trading and is available on the company's website as a reminder during today's call the company will refer to a presentation that is available to participants


These decreases were partially offset by higher variable short-term compensation expense, reflective of our improved operating income this quarter, given the favorable impact from the insurance recovery.

these decreases were partially offset by higher variable short-term compensation expense reflective of our improved operating income this quarter given the favorable impact from the insurance recovery


as well as currency, with the weakening Chinese renminbi. Partially offsetting these reductions are improvements in Europe, which is continuing to see very healthy downstream LNG activity.

as well as currency with the weakening chinese renminbi partially offsetting these reductions are improvements in europe which is continuing to see very healthy downstream lng activity


each prior year quarter and so we did have a strong -- if you look we had a weak first half, strong second half and that's kind of, this time, it's kind of flipping around a little bit relatively speaking because of that.

each prior year quarter and so we did have a strong -- if you look we had a weak first half strong second half and that's kind of -- this time it's kind of flipping around a little bit relatively speaking because of that


One is Adama sale. Adama sale, we're going to explain later, that we brought a lot of cash to the company and an increase of the share of price of Clal that is valued still at market value

one is adama cell adama cell we're going to explain later that we brought a lot of cash to the company and an increase on the share of price of cloud that it's valued still at market value


This customer is using ServiceWatch to not only map internal services but also map external services and they're using Customer Support Management to resolve the underlying issues.

this customer is using service watch to not only map internal services but also map external services and they're using customer support management to resolve the underlying issues


And what was striking in the 70-some-odd conversations that I had is that in the eyes of the customer, ServiceNow is addressing a need that the other platforms weren't really designed to do.

and what was striking in the 70-some-odd conversations i have is that in the eyes of the customer servicenow is addressing a need that the other platforms weren't really designed to do


which make us a natural partner for the governments, the communities and the contractors where we operate. We seek to operate at the highest levels of HSE performance and ethical compliance

which make us a natural partner for the governments the communities and the contractors where we operate we seek to operate at the highest levels of hse performance and ethical compliance


There are many different revenue streams grouped together in this line item, of which none is significant enough to meet the criteria of a reportable segment, hence the name non-reportable segments.

there are many different revenue streams grouped together in this line item of which none is significant enough to meet the criteria of a reportable segment hence the name non-reportable segment


aforementioned freight and driver home time issues contributed to the underutilization. We do not anticipate adding any incremental truck count to this segment until our internal productivity targets are met.

the aforementioned freight and driver hometime issues contributed to the underutilization we do not anticipate adding any incremental truck count to this segment until our internal productivity targets are met


Therefore, the focus of the industry has turned towards the search of new checkpoint pathways and various combination therapies to increase patients' response rate.

therefore the focus of the industry has turned towards the search of new checkpoint pathways and various combination therapies to increase patient response rates


will review our financial results. After Paul's comments, I will provide some perspective on the market, and then we will take your questions. I will begin with a review of our second quarter highlights.

will review our financial results after paul's comments i will provide some perspective on the market and then we will take your questions i will begin with a review of our second quarter highlights


But the real power and where this all comes together, I can't call it the glue of the platform, is when you invest in a foundation layer that gives you governments, management,

but the real power and where this all comes together i kind of call it the glue of the platform is when you invest in a foundation layer that gives you governance management


it's good to lock in strong conditions, strong market terms. And when times are bad, you don't want to lock in lousy lease rates and you tend to keep the incremental lease terms short. I think this is a good time, and we've been behaving accordingly.

it's good to lock in strong conditions strong market terms and where times are bad you don't want to lock in lousy lease rates and you can't turn to keep the incremental lease term short i think this is a good time and we've been behaving accordingly


Mortgage, in particular, has seen recent industry headwinds due to market conditions caused by a combination of a modest rise in rates and tight housing supply and continues to be a potential risk as we move forward.

mortgage in particular has seen recent industry headwinds due to market conditions caused by a combination of a modest rise in rates and tight housing supply and continues to be a potential risk as we move forward


I'm just interested in what sort of investments you guys are making on enhancing your mail capabilities, where your penetration rates for mail are at and what you see as any potential opportunity in the online pharmacy space for you guys.

i'm just interested in what sort of investments you guys are making in enhancing your mail capabilities where your penetration rates for mail are at and what you see as potential opportunity in the online pharmacy space for you guys


Congratulations to the Midla team for the work and partnership with communities, state and local governments, and the FERC in achieving a mutually beneficial outcome to reconstruct the legacy Midla system.

congratulations to the midlist team for the work in partnership with communities state and local governments and the ferc in achieving a mutually beneficial outcome to reconstruct the legacy midlist system


Over the following weeks, we also met with many of you in your offices and in group meetings. And I can honestly say, we look forward to continuing to work with you and expanding the dialogue about our technology,

over the following weeks we also met with many of you in your offices and in group meetings and i can honestly say we look forward to continuing to work with you and expanding the dialogue about our technology


And if any projects might fall out of the mix as another one enters because it's so challenging to do so many things at once.

and if any projects might fall out of the mix as another one enters because it's so challenging to do so many things at once


other than to note that we've been very consistent in noting that there are 3 fundamental criteria with which we look at any potential expansion, which would be, does it strategically fit?

other than to note that we've been very consistent in noting that there are 3 fundamental criteria with which we look at any potential expansion which would be does it strategically fit


This is lower than planned due to several large awards pushing to the fourth quarter of this year and the first half of 2018. It's important to note that we have not lost any significant projects

this is lower than planned due to several large awards pushing to the fourth quarter of this year and the first half of 2018 it's important to note that we have not lost any significant projects


We also executed quickly in changing our compensation programs, ensuring each of our subsidiaries are incentivized to make decisions on behalf of one Rotork overall, rather than their individual location.

we also executed quickly in changing our compensation programs ensuring each of our subsidiaries are incentivized to make decisions on behalf of one rothorpe overall rather than their individual location


With our plans for user growth, augmented reality and content in 2018, I've never been more excited about the future of our business. We're going to keep up the hard work and stay focused on the big opportunities ahead.

with our plans for user growth augmented reality and content in 2018 i've never been more excited about the future of our business we're going to keep up the hard work and stay focused on the big opportunities ahead


We believe our portfolio offers a unique opportunity to grow income as we continue to redevelop and lease our properties at market rents and bring occupancies to market levels.

we believe our portfolio offers a unique opportunity to grow income as we continue to redevelop and lease our properties at market rents and bring occupancy to market levels


which occurred when orders that were anticipated to ship in the third quarter of 2017 did not ship until early in the fourth quarter. We do not believe this change will result in a shortfall in the back half of the year.

which occurred when orders that were anticipated to ship in the third quarter of 2017 did not ship until early in the fourth quarter we do not believe this change will result in a shortfall in the back half of the year


and that's really what we're working on now. And that money would be used to either fund additional investments in the business or to just improve earnings year-over-year.

and that's really what we're working on now and that money would be used to either fund additional investments in the business or to just improve earnings year-over-year


stronger cost management and stringent capital discipline has resulted in the all-in sustaining cost margin increasing from 17% in the second half of last year


in the fourth quarter as well as the fourth quarter's own indigenous seasonality. And so as we sorted that through, we are where we were, which is our credit models are consistent

in the fourth quarter as well as the fourth quarter's own indigenous seasonality and so as we've sorted that through we are where we were which is our credit models are consistent


Clearly, given the entire tone of this conversation, we have very good and valued relationships with our regulators. We have, as we model it forward and already built into our market share and the development thereof,

clearly given the entire tone of this conversation we have very good and valued relationships with our regulators we have as we model it forward and already built into our market share and the development thereof


and Chief Operating Officer of Univar. David's a seasoned experienced growth champion and senior executive with more than 35 years in chemicals and plastics distribution.

and chief operating officer of univar david is a seasoned experienced growth champion and senior executive with more than 35 years in chemicals and plastics distribution


are being evaluated. And depending upon the length of a down-cycle, more or less of these opportunities are being investigated.

are being evaluated and depending upon the length of a down cycle more or less of these opportunities are being investigated


a good improvement in our operate -- in our asset base, and momentum in the business with plenty of opportunities to go for. So what are those results?

a good improvement in our operator in our asset base and momentum in the business with plenty of opportunities to go for so what are those results


And many of you who were there would have heard them talk about the absolute uniqueness and the value that they put behind our offer. We're delighted to receive that kind of feedback

and many of you who are there would have heard them talk about the absolute uniqueness and the value that they put behind our offer we're delighted to receive that kind of feedback


getting the antibody to the site of action in sufficient quantity is something that remains to be demonstrated clinically. And it's very difficult if not impossible to demonstrate experimentally.

getting the antibodies to the site of action in sufficient quantity is something that remains to be demonstrated clinically and it's very difficult if not impossible to demonstrate experimentally


He was initially told that his only option was a corneal transplant after his vision was significantly impaired, leaving him and his family with a series of questions and uncertainty,

he was initially told that his only option was a corneal transplant after his vision was significantly impaired leaving him and his family with a series of questions and uncertainty


Our cash forecast, however, does not assume any influx of nonroutine cash inflows, so any realization of these inflows will extend our forecasted cash runway further into the future.

our cash forecast however does not assume any influx of nonroutine cash inflows so any realization of these inflows would extend our forecasted cash runway further into the future


if you don't grow income, you don't grow bonuses. If you grow income, you can grow bonuses, and if you reduce income, you reduce bonuses. So that's kind of the new

if you don't grow income you don't grow bonuses if you grow income you can grow bonuses and if you reduce income you reduce bonuses so that's kind of the new


With mortgage rates trending lower, we should have a bit more wind at our back, driving demand for both new purchases and financings -- refinancings. We also expect

with mortgage rates trending lower we should have a bit more wind at our back driving demand for both new purchases and financings -- refinancing we also expect


everyone here and for Lear. And as I look to the future, I can tell you one thing. We're going to continue to stay focused. We have the best team in the industry. We'll continue to build on that great team.

everyone here and for lear and as i look to the future i can tell you one thing we're going to continue to stay focused we have the best team in the industry we're going to continue to build on that great team


Our strategy in this area is all about leveraging the versatile and adaptable G1 platform in ways that allow us to bring new technologies to the market faster while expanding our market share.

our strategy in this area is all about leveraging the versatile and adaptable g1 platform in ways that allow us to bring new technologies to the market faster while expanding our market share


One final point on the innovation front comes from our Products and Systems segment, which has some exciting research and development activities underway with some important customers.

one final point on the innovation front comes from our products and systems segment which has some exciting research and development activities underway with some important customers


The aim of that update is to give you evidence and to give you a feeling around the improved sustainable value creation we forecast for Parcels going forward.

the aim of that update is to give you evidence and to give you a feeling around the improved sustainable value creation we forecast for parcels going forward


We're going to have faster top line growth than last year's 20%. And I think it's fair to say by anybody's standard when you see it, you will consider it to be very much faster.

we're going to have faster top line growth than last year's 20% and i think it's fair to say by anybody's standard when you see it you will consider it to be very much faster


In our press release, we have provided a table that reconciles the historical period, revenues and cost of revenues as reported, to the as-adjusted amounts that reflect a net versus gross basis.

in our press release we have provided a table that reconciles the historical period revenues and cost of revenues as reported to the as adjusted amounts that reflect a net versus gross basis


Our aim is to target these stations as the opportunities arise to build a meaningful network of this new format, and we'd expect to open around 50 of these over the course of time.

our aim is to target these stations as the opportunities arise to build a meaningful network of this new format and we'd expect to open around 50 of these over the course of time


check average also benefited from customers adding queso to their order, which added about 200 bps. April trends have been impacted by unseasonably cold and wintry weather in much of the country as well as the Easter shift.

the check average also benefited from customers adding quesado to their order which added about 200 basis points april trends have been impacted by unseasonably cold and wintry weather in much of the country as well as the easter shift


This was offset by declines in packaging and medical which is primarily due to strong prior year comps. As I mentioned earlier, we had another strong quarter in the consumables portion of

this was offset by declines in packaging and medical which is primarily due to strong prior year comps as i mentioned earlier we had another strong quarter in the consumables portion of


When we take a step back and look at Applied specifically, in an environment characterized by those same pressures, reprofiling, memory and foundry spend,

when we take a step back and look at applied specifically in an environment characterized by those same pressures reprofiling memory and foundry spend


To anchor this momentum back to strategy, when we did both these deals, we framed that we saw competitive dynamics moving fast and that we could be spectator or participant.

to anchor this momentum back to strategy when we did both these deals we framed that we saw competitive dynamics moving fast and that we could be spectator or participant


Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events.

any forward-looking statements that we make on this call are based on assumptions as of today and we undertake no obligation to update these statements as a result of new information or future events


During the downturn, we took the opportunity to upgrade our rig fleet to one of the most modern and efficient in the industry. On the completion side, we expect to complete 5% to 10% more

during the downturn we took the opportunity to upgrade our rig fleet to one of the most modern and efficient in the industry on the completion side we expect to complete 5% to 10% more


In a lot of the rest of our market, the partner approach won't work, because either the service is too expensive or there is not enough local content for the particular country.

in a lot of the rest of our markets the partner approach won't work because either the service is too expensive or there's not enough local content for the particular country


We recently broadened our LTSS capabilities through the acquisition of Ascend. Based in Tennessee, Ascend is one of the largest health assessment providers on behalf of U.S. government agencies

we recently broadened our ltss capabilities through the acquisition of ascend based in tennessee ascend is one of the largest health assessment providers on behalf of u s government agencies


I am absolutely sure that our intentional and strategic investment actions were the right moves to set us up for strong future growth in both market share and profitability.

i am absolutely sure that our intentional and strategic investment actions were the right moves to set us up for strong future growth in both market share and profitability


we're always looking at other partnership opportunities where we can further increase that reach. We want to make sure that our product assortment is where our customers are shopping. So we will absolutely evaluate

we're always looking at other partnership opportunities where we can further increase that reach we want to make sure that our product assortment is where our customers are shopping so we will absolutely evaluate


The actual timing is driven by our launch partner, and we will defer to them. But we look forward to be able to talk more and report on this in the third quarter.

the actual timing is driven by our launch partner and we will defer to them but we look forward to be able to talk more and report on this in third quarter


In fiscal '17, we're transforming the program again to ensure it remains at the cutting edge of marketing thinking and building in the latest technology around measurement and evaluation.

in fiscal '17 we're transforming the program again to ensure it remains at the cutting edge of marketing thinking and building in the latest technology around measurement and evaluation


Through this new system, we will gain enhanced shop floor labor and inventory accuracy as well as improve business process efficiencies across all functional areas of the company.

through this new system we will gain enhanced shop floor labor and inventory accuracy as well as improved business process efficiencies across all functional areas of the company


We are rapidly moving forward with content supply arrangements and programming strategies for this new OTT channel with several top Chinese entertainment companies and will announce the specifics soon.

we are rapidly moving forward with content supply arrangements and programming strategies for this new ott channel with several top chinese entertainment companies and we'll announce the specifics soon


with our platforms going forward, I suspect we may see some erosion in the margins of our legacy platforms because they're going to be under pricing pressure in that marketplace.

with our platforms going forward i suspect we may see some erosion in the margins of our legacy platforms because they're going to be under pricing pressure in that marketplace


In addition, our third quarter results were impacted by short-term, unplanned outages and by higher operating costs, including higher transportation and logistical costs, which Steve will discuss in more depth in just a few moments.

in addition our third quarter results were impacted by short-term unplanned outages and by higher epic operating costs including higher transportation and logistical costs which steve will discuss in more depth in just a few moments


This has been a highly regulated industry for decades, which is a really, really good thing. There used to be some kind of bad actors in this industry. And

this has been a highly regulated industry for decades which is a really really good thing there used to be some kind of bad actors in this industry and they've


I'd like to emphasize that any forward-looking statements we made in the earnings release or any that we may make during this call are based upon information that we believe to be true as of today.

i'd like to emphasize that any forward-looking statements we made in the earnings release or any that we may make during this call are based upon information that we believe to be true as of today


maybe up slightly versus where we would expect it to be from a world-class standpoint but not significantly above that across our systems. So

maybe up slightly versus where we would expect it to be from a world-class standpoint but not significantly above that across our system so


you need application in the region, you need production in the region. Your application people have to go with the customer site and help serve the customer both in manufacturing and in the laboratory.

you need application in the region you need production in the region your application people have to go at the customer site and help serve the customer both in manufacturing and in the laboratory


A replay of today's call will be available beginning an hour after the completion of the call and will remain available until November 9. Information on how to access the replay was included in yesterday's release.

a replay of today's call will be available beginning an hour after the completion of the call and will remain available until november 9 information on how to access the replay was included in yesterday's release


as opposed to owning the entire process yourself. I think our view here in terms of what we're doing and also looking around at suitable contract manufacturers

as opposed to owning the entire process yourself i think our view here in terms of what we're doing and also looking around at suitable contract manufacturers


This increase was primarily driven by the addition of recurring operating expenses associated with the Country Home Products acquisition, partially offset by reductions in certain organic selling, general and administrative expenses.

this increase was primarily driven by the addition of recurring operating expenses associated with the country home products acquisition partially offset by reductions in certain organic selling general and administrative expenses


This gives us the financial flexibility to continue with our capital investments, shareholder returns and maintain our optimal capital structure under a wide range of operating conditions.

this gives us the financial flexibility to continue with our capital investments shareholder returns and maintain our optimal capital structure under a wide range of operating conditions


Our South African projects have a highly focused and effective new leader who is actively engaged in risk mitigation and moving the projects forward towards completion.

our south african projects have a highly focused and effective new leader who is actively engaged in risk mitigation and moving the projects forward towards completion


it's a good place for us to be as far as having a differentiated solution and being able to sell value as opposed to just trying to compete per widget with somebody who's out there with exactly the same thing.


Today's call is being recorded at the request of Air Products. Please note that this presentation and the comments made on behalf of Air Products are subject to copyright by Air Products and all rights are reserved.

today's call is being recorded at the request of air products please note that this presentation and the comments made on behalf of air products are subject to copyright by air products and all rights are reserved


You probably know that Q1 is by far our smallest quarter due to relative seasonality in some of our businesses. Nevertheless, we're encouraged by some of those results.

you probably know that q1 is by far our smallest quarter due to a relative seasonality in some of our businesses nevertheless we're encouraged by some of those results


how long will it last? I can't really tell you an exact number because it involves our procurement strategy, and I don't think we can publicize that.

how long would it last i can't really tell you an exact number because it involves our procurement strategy and i don't think we can publicize that


Fair enough. If you just like, say, maybe the deals, I guess potential deals that you would have looked at over the past year, are you able to quantify roughly speaking how many you might have looked at, how many

fair enough if you just look at say maybe the deals or i guess potential deals that you would have looked at over the past year are you able to quantify roughly speaking how many you might have looked at how many


and the risk described in today's news announcement and in the company's filings with the Securities and Exchange Commission, including the company's reports on Form 10-K and Form 10-Q.

and the risks described in today's news announcement and in the company's filings with the securities and exchange commission including the company's reports on form 10-k and form 10-q


We are pleased to announce that we signed a definitive agreement to acquire 12 stores in Louisiana, expanding our store footprint in a new market and building out our geographical presence in the South.

we are pleased to announce that we signed a definitive agreement to acquire 12 stores in louisiana expanding our store footprint in a new market and building out our geographical presence in the south


Could you firstly just remind us why you bought into this reserve? Secondly, how you plan to develop it, especially as we're aware that you're not involved in the existing project onshore.

could you firstly just remind us why you bought into this reserve secondly how you plan to develop it especially as we're aware that you're not involved in the existing project onshore


and then either being an early adopter for the new Church Management modules that we built in the fall, we're waiting to get those implemented in general availability next year.

and then either being an early adopter for the new church management modules that we built in the fall or waiting to get those implemented in general availability next year


Got it. Great. And then last one, just maybe you can give us some color on how much of a rate incentive current jumbo borrowers have in your portfolio

got it great and then last one just maybe you can give us some color on how much of a rate incentive current jumbo borrowers have in your portfolio


to issue a new series of debt with the collateral of the potential proceeds of any disposal of Clal shares. So the company now is in the market,

to issue a new series of debt with the collateral of the potential proceeds of any disposal on clal shares so the company now is in the market


I would like to remind you that our remarks and answers to your questions may contain forward-looking statements and information. This information is subject to risks and uncertainties that may cause actual events or results to differ materially.

i would like to remind you that our remarks and answers to your questions may contain forward-looking statements and information this information is subject to risks and uncertainties that may cause actual events or results to differ materially


representing top line growth of 4% to 10%. Excluding the impacts of currency and hedging, guidance reflects constant currency revenue growth

representing top line growth of 4% to 10% excluding the impacts of currency and hedging guidance reflects constant currency revenue growth


we've heard this earnings season, not just from your peers, but pretty much most, that discretionary enterprise spending is slowing. And I'm wondering if that has any impact on your sales cycles or project starts.

we've heard this earning season not just from your peers but pretty much most that discretionary enterprise spending is slowing and i'm wondering if that has any impact on your sales cycles or project starts


In addition, many buyers of renewable energy see it is a good hedge against carbon risk in the future. This competitiveness is underpinned by support of tax incentives. We

in addition many buyers of renewable energy see it as a good hedge against carbon risk in the future this competitiveness is underpinned by supportive tax incentives we have


The increase was also helped by lower commodity cost as well as by strong RIG, that also led to better industrial capacity utilization and better operating leverage.

the increase was also helped by lower commodity cost as well as by strong rig that also led to better industrial capacity utilization and better operating leverage


physical media is a good thing, right? As far as the historical, guys, anybody have any thoughts on that? I don't remember anything distinctly different between the economics of pre-owned,

physical media is a good thing right as far as the historical guys anybody have any thoughts on that i don't remember anything distinctly different between the economics of pre-owned


As you can see on Slide 10, we continue to outpace physical software growth on the new platforms and are seeing less of a decline in pre-owned than we are in the previous-gen physical software.

as you can see on slide 10 we continue to outpace physical software growth on the new platforms and are seeing less of a decline in preon than we are in the previous-gen physical software


including the fact that we are Ireland's only bancassurer. We believe the market structure in Ireland is sustainable, and we have been and will continue to be commercially disciplined on pricing and risk.

including the fact that we are ireland's only bancassurer we believe the market structure in ireland is sustainable and we have been and will continue to be commercially disciplined on pricing and risk


pretty horrific. And just with the size and volume of snow that's going on out west. So it really has not had an impact on us to date. I would call it a blip.

pretty horrific and just with the size and volume of snow that's going on out west so it really has not had an impact on us to date i would call it a blip


and is simply normal that if and when they decide not to pass on the negative interest rate, that this is deducted from that calculation, but is not like we're charging employee. I mean, that's absolutely not true.

and is simply normal that if and when they decide not to pass on the negative interest rate that this is deducted from that calculation but it's not like we're charging employee i mean that's absolutely not true


we aim to become the leading provider of enabling technology to the automotive catalyst industry. We will achieve this by, first, establishing important commercial traction among catalyst manufacturers in underserved markets

we aim to become the leading provider of enabling technology to the automotive catalyst industry we will achieve this by first establishing important commercial traction among catalyst manufacturers in underserved markets


it is a real pleasure now with the position that Neurocrine is in, that we have the ability to proactively invest across our entire business. And that's what you're going to be -- that's what you're going to see us do,

it is a real pleasure now with the position that neurchron is in that we have the ability to proactively invest across our entire business and that's what you're going to be -- that's what you're going to see us do


And so what we've tried to do is to make the events of July '16, when they occur, to simply be the next turning page in regard to this type of analysis, which we've been doing for 2 years now.

and so what we try to do is to make the events of july 16 when they occur to simply be the next turning page in regard to this type of analysis which we've been doing for 2 years now


Given the competitive market and lower prices, we had anticipated that our gross profit margins would remain relatively consistent with the prior quarter with some potential for downward pressure.

given the competitive market and lower prices we had anticipated that our gross profit margins would remain relatively consistent with the prior quarter with some potential for downward pressure


get into the market. We've been there for a long time. We believe that as we think about growing our network and, in particular, merchant acceptance, that we have to have

get into the market we've been there for a long time we believe that as we think about growing our network and in particular merchant acceptance that we have to have


At the same time, we remain active supporting and seeking new business in Alberta and Saskatchewan with our clients there and anticipate the economic recovery in these provinces will continue.

at the same time we remain active supporting and seeking new business in alberta and saskatchewan with our clients there and anticipate the economic recovery in these provinces will continue


I remain confident in the people and the processes we have in place, and I can assure you that we will continue to appropriately resource and staff this important work. And we'll keep the FDA updated on our progress.

i remain confident in the people and the processes we have in place and i can assure you that we will continue to appropriately resource and staff this important work and we'll keep the fda updated on our progress


Overall, we expect full year margins to show progress on 2018. I remain very enthusiastic to be leading Rotork, and I'm very pleased with the level of execution our team has continued to demonstrate.

overall we expect full year margins to show progress on 2018 i remain very enthusiastic to be leading rotork and i'm very pleased with the level of execution our team is continuing to demonstrate


Our dividend is a key measure of our returns to shareholders. Today, we've announced an interim dividend of 4p, consistent with our progressive dividend policy.

our dividend is a key measure of our returns to shareholders today we've announced an interim dividend of 4p consistent with our progressive dividend policy


that we connect them and provide context and data and information to owners and operators. And we think that, that is a big opportunity for us to differentiate the marketplace. And there is more to come on that,

that as we connect them and provide context and data and information to owners and operators we think that that is a big opportunity for us to differentiate the marketplace and i think there's more to come on that


At Engineered Materials, demand for RVs remains very strong and we continue to gain share, but resin prices increased in the third quarter partly because of impacts from Hurricane Harvey.

at engineered materials demand for rvs remains very strong and we continue to gain share but resin prices increased in the third quarter partly because of impacts from hurricane harvey


This was at the end of December of 2017. There was an exhaustive amount of work done because we were concerned about the amounts that were being accrued and booked as revenue. We found at that point in time

this was at the end of december of 2017 there was an exhaustive amount of work done because we were concerned about the amounts that were being accrued and booked as revenue we found at that point in time


Yes. Again, I think, a couple of things going on in the quarter in Canada that allowed the margins to improve. One was mix, so relative to Q1 last year, where we had

yes so again i think a couple of things going on in the quarter in canada that allowed the margins to improve one was mix so relative to q1 last year where we had


In my remarks last quarter, I also discussed our outlook for 2016. I stated that because of our diversified platform and low leverage profile, we were positioned to

in my remarks last quarter i also discussed our outlook for 2016 i stated that because of our diversified platform and low leverage profile we were positioned to


As I will describe further, value and yield investing in certain sectors of equity market has clearly become more rewarding and more easily defensible in 2016. The

as i will describe further value and yield investing in certain sectors of the equity market has clearly become more rewarding and more easily defensible in 2016


so our half year leverage tends to be towards the high point for the year because of the payment of the final dividend from the prior year. So it's not unduly surprising to see it at that level at the half year.

so our half year leverage tends to be towards the high point for the year because of the payment of the final dividend from the prior year so it's not unduly surprising to see it at that level at the half year


That's the way we see this unfolding in the future. We're not going to go into the ERP space of construction. We're going to stay on the whole life cycle from design all the way through to site execution,

that's the way we see this unfolding in the future we're not going to go into the erp space of construction we're going to stay on the whole life cycle from design all the way through to site execution


or fixed through interest rate swaps as of December 31. In regards to our ATM programs, we did not have any activity during the fourth quarter.

or fixed through interest rate swaps as of december 31 in regards to our atm programs we did not have any activity during the fourth quarter


As an example, and looking at our fundraising pipeline going into 2018, we've launched larger successor funds in our European Direct Lending strategy and our European real estate private equity strategy,

as an example in looking at our fundraising pipeline going into 2018 we've launched larger successor funds in our european direct lending strategy and our european real estate private equity strategy


as we look into 2019. And with that, I will turn it over to Jeff to provide more detail about our second quarter financial performance and our guidance for the third quarter.

as we look into 2019 and with that i will turn it over to jeff to provide more detail about our second quarter financial performance and our guidance for the third quarter


We are trying to fully understand the outcome of the study. And so as soon as we complete all the

we are trying to fully understand the outcome of the study and so as soon as we complete all the


In terms of profitability, we continue to make our best efforts to maintain the financial profitability of the company and to create value for shareholders.

in terms of profitability we continue to make our best efforts to maintain the financial profitability of the company and to create value for shareholders


would be lower. If it's a change in the status of existing customers, then I guess that would sort of make sense in terms of some of the commentary. And I don't know if you can provide any specific

would be lower if it's a change in the status of existing customers then i guess that would sort of make sense in terms of some of the commentary and i don't know if you can provide any specific


Well, it's a good question, Mike. I would say, there's a couple of things underneath really any of the retail businesses in Texas. First of all, Texas is a very active marketplace. So I think one of the

well it's a good question mike i would say there's a couple of things underneath really any of the retail businesses in texas first of all texas is a very active marketplace so i think one of the


I want to make it clear, this description merely presents our vision and focus. We are a single, unified company and our employees and customers should understand our purpose.

i want to make it clear this description merely presents our vision and focus we are a single unified company and our employees and customers should understand our purpose


We've experienced 2 consecutive strong quarters and we are still cautiously optimistic that orders will continue to be strong during the balance of the year. We're watching this market closely.

we've experienced 2 consecutive strong quarters and we're still cautiously optimistic that orders will continue to be strong during the balance of the year we're watching this market closely


truck fuel efficiency-related factors on diesel volume demand and despite volume declines at sites that have seen the most negative impact from a decline in energy sector activity.

truck fuel efficiency related factors on diesel volume demand and despite volume declines at sites that have seen the most negative impact from a decline in energy sector activity


I think we recognize that as we're moving through the rest of '18 and moving into '19, we'd expect that we'd still have some other inflationary pressures around wages or other things that will be impacting the business. But we would expect that

i think we recognize that as we're moving through the rest of '18 and moving into '19 we'd expect that we'd still have some other inflationary pressures around wages or other things that will be impacting the business but we would expect that


Finally, ninth, our leading market position offers a platform through which we can introduce new digital products, control systems and predictive analytics and maintenance models based on Big Data that further enhance our returns.

finally ninth our leading market position offers a platform through which we can introduce new digital products control systems and predictive analytics and maintenance models based on big data that further enhance our returns


The most obvious initiative, which Rob will highlight, is the intention to transition more businesses to a subscription model. Beyond the move to subscriptions,

the most obvious initiative which rob will highlight is the intention to transition more businesses to a subscription model beyond the move to subscriptions


Before I talk about our plans for the second half of fiscal 2019, let me give you a high-level overview of our segment results during the quarter. Enrollments in our Medical and Healthcare segment were strong.

before i talk about our plans for the second half of fiscal 2019 let me give you a high-level overview of our segment results during the quarter enrollments in our medical and healthcare segment were strong


Before we get under way, I'd like to remind everyone to review our forward-looking statements and the cautions and risk factors pertaining to the statements. For those of you following along on the webcast, you should see these on the screen in front of you now.

before we get underway i'd like to remind everyone to review our forward-looking statements and the cautions and risk factors pertaining to the statements for those of you following along on the webcast you should see these on the screen in front of you now


We've now simplified our solution pricing framework in a way that allow us to introduce new capabilities to the market and fold them into a straightforward and transparent pricing model that aligns with our clients' success.

we've now simplified our solution pricing framework in a way that will allow us to introduce new capabilities to the market and fold them into a straightforward and transparent pricing model that aligns with our client's success


that continues to grow and thrive. Entrada already integrated into the solution. We're already starting to see bookings growth. In fact, they out -- they beat the plan in bookings in our deal model.

that continues to grow and thrive entrate already integrated into the solution we're already starting to see bookings growth in fact they out -- they beat the plan in bookings in our deal model


and if anything, it would have a modest drag on results over the shorter and medium term as the business grows, largely due to the rapid growth.

and if anything it would have a modest drag on results over the shorter and medium term as the business grows largely due to the rapid growth


We look forward to delivering on our growth objectives and continuing to update you on our progress in the future. This concludes today's conference call. You may now disconnect.

we look forward to delivering on our growth objectives and continuing to update you on our progress in the future this concludes today's conference call you may now disconnect


As an example of our unique solution-based approach, I'm pleased to announce a new, innovative program that is making a significant difference to educators struggling with student loan debt.

as an example of our unique solution-based approach i'm pleased to announce a new innovative program that is making a significant difference to educators struggling with student loan debt


It's important because business momentum can be seen in terms of our reported revenue plus backlog. And when comparing that sum to the year-ago period, it gives us confidence that we're doing very well.

it's important because business momentum can be seen in terms of our reported revenue plus backlog and when comparing that sum to the year-ago period it gives us confidence that we're doing very well


Are you saying effectively that you don't think -- if you took out the product, additional products you put through, you just don't think you could get those price rises through to the sort of Rightmove levels?

are you saying effectively that you don't think -- if you took out the product additional for us you put through you just don't think you could get those price rises through to the sort of rightmove levels


First, during the third quarter, we fully implemented the corrective actions on our frozen garlic bread business and we are now supplying the business at normal levels. We do not expect further supply disruptions.

first during the third quarter we fully implemented the corrective actions on our frozen garlic bread business and we are now supplying the business at normal levels we do not expect further supply disruptions


This is one of the most important initiatives in the company. We're also pleased with our ability to manage our expenses lower when we did not achieve our expected sales results last year.

this is one of the most important initiatives in the company we're also pleased with our ability to manage our expenses lower when we did not achieve our expected sales results last year


Most of these individuals are well served by oral medications that are in the market, such as allopurinol. However, our market research indicates that more than 0.5 million patients in U.S.

most of these individuals are well served by oral medications that are on the market such as allopurinol however our market research indicates that more than 0 5 million patients in u s


The maize business excelled and local beverages and cereals recaptured its market position, thus establishing a very sound performance platform for the immediate future.

the bahrain business excelled and local beverages and cereals recaptured its market position thus establishing a very sound performance platform for the immediate future


Looking ahead, raw material availability will remain sound through large carryover stocks from the record 2017 crop and very positive new season crop expectations.

looking ahead raw material availability will remain sound through large carryover stocks from the record 2017 crop and very positive new season crop expectations


of our 3 factories will actually play out for the fourth quarter. That's going to define the level of profitability for us in Data Centers in the fourth quarter, and that's the uncertainty we have.

of our 3 factories will actually play out for the fourth quarter that's going to define the level of profitability for us in data centers in the fourth quarter and that's the uncertainty we have


One, manufacturing is more about a culture than it is about process. Our sites will move towards an owner's mentality where they are responsible for all the business outcomes for the sites and not just costs.

one manufacturing is more about a culture than it is about process our sites will move towards an owners mentality where they are responsible for all the business outcomes for the sites and not just costs


of the group strategy around moving towards customer solutions, adding software, adding service into our capability predominantly in Test and Measurement and Materials Analysis

of the group strategy around moving towards customer solutions adding software adding service into our capability predominantly in test and measurement and materials analysis


a remarkably different tax equivalent NIM in the first quarter of '18 versus the fourth quarter of '17. Right. And then, your actual margin

a remarkably different tax equivalent nim in the first quarter of '18 versus the fourth quarter of '17 right and then your actual margin


we anticipated sales to contract in the quarter, water technologies and fluid solutions were down more than expected as we saw a softening demand in short-cycle pump sales and weaker capital spending in beverage.

while we anticipated sales to contract in the quarter water technologies and fluid solutions were down more than expected as we saw a softening demand in short-cycle pump sales and weaker capital spending in beverage


improve the quality of that book. Not that it's been a bad quality because we've got excellent historical performance, but I think it just improves that -- the opportunity set for us

improve the quality of that book not that it's been a bad quality because we've got excellent historical performance but i think it just improves that the opportunity set for us


Please review the warning statements in our press release and on the presentation slides concerning the risks associated with forward-looking statements as forward-looking statements will be made during this conference call.

please review the warning statements in our press release and on the presentation slides concerning the risks associated with forward-looking statements as forward-looking statements will be made during this conference call


Segment operating margins are expected to be driven primarily by a modest improvement in the Manufacturing Support segment as well as a slightly higher DSA margin excluding WIL.

segment operating margins are expected to be driven primarily by a modest improvement in the manufacturing support segment as well as a slightly higher dsa margin excluding will


We continue to make good progress in executing our strategy, leveraging the Radiant platform to bring value to our operating partners, and we remain very excited about the opportunity to grow our business organically,

we continue to make good progress in executing our strategy leveraging the radiant platform to bring value to our operating partners and we remain very excited about the opportunity to grow our business organically


you will of course have the opportunity to ask questions and we'll take questions from participants joining from the conference call. But you can also send in your questions via e-mail.

you will of course have the opportunity to ask questions and we'll take questions from participants joining from the conference call but you can also send in your questions via e-mail


the easy answer is, in the big picture, we're not particularly sensitive. In the short-term, particularly if we're still not growing and we're sort of sitting around in idle, then we might be a little more sensitive than normal but not in a huge way.

the easy answer is in the big picture we're not particularly sensitive in the short term particularly if we're still not growing and we're sort of sitting around and idle then we might be a little more sensitive than normal but not in a huge way


And so as you move into frontline, you get your greatest benefit for the patient by doing that, and obviously, you get your greatest benefit from a business standpoint by moving up into those first-line

and so as you move in the frontline you get your greatest benefit for the patient by doing that and obviously you get your greatest benefit from a business standpoint by moving up into those first line


resulting from last year's hurricane, in excess of our deductibles. We continue to work with our insurance representatives and other advisers to process our insurance claims in an efficient and timely manner.

resulting from last year's hurricanes in excess of our deductibles we continue to work with our insurance representatives and other advisers to process our insurance claims in an efficient and timely manner


As with our actively managed strategies, results for May to date and the pipeline of won not funded new business give us confidence that strong growth of our Custom Beta franchise will continue.

as with our actively managed strategies results from a to date and the pipeline of one not funded new business give us confidence that strong growth of our custom branded franchise will continue


As Rich mentioned, we believe the results in our international segments continue to reflect execution challenges, largely due to restructuring and earlier stages of marketplace and operational development.

as rich mentioned we believe the results in our international segments continue to reflect execution challenges largely due to restructuring and earlier stages of marketplace and operational development


And so the improvement there and the performance of the product is something that has a lot of clinicians really excited about the Afirma GSC, and wanting to gain some experience with it. So we're really happy with that.

and so the improvement there and the performance of the product is something that has a lot of clinicians really excited about the afirma gsc and wanting to gain some experience with it so we're really happy with that


could be exposed to competition from ACE910. This should be expected to happen gradual as the penetration and approval around the world will be gradual,

could be exposed to competition from age 910 this should be expected to happen gradual as the penetration and approval around the world will be gradual


Turning now to Production Enhancement. As many of you are aware, Core focuses on energetic products that are engineered to enhance recovery from oil and gas fields. We do not focus on the commodity

turning now to production enhancement as many of you are aware core focuses on energetic products that are engineered to enhance recovery from oil and gas fields we do not focus on the commodity


really important reason why we do this is because we can. We are so financially strong that we can meet and make -- take business decisions based on a risk and reward in the Swedish market. So we will continue doing that.

really important reason why we do this is because we can we are so financially strong that we can make -- take business decisions based on risk and reward in the swedish market so we will continue doing that


to smoothen a bit the structure of cost that some time are different from the perceived one because face value they appear high but then

to smoothen a bit the structure of cost that sometime are different from the perceived one because face value they appear high but then


even though you had less promotional days, it's still stabilizing at pretty low levels relative to historical. So any thoughts on what point you start to recapture and some of the drivers there?

even though you've had less promotional days it's still stabilizing at pretty low levels relative to historical so any thoughts on what point you start to recapture and some of the drivers there


through the terminals and out of the terminals faster. We haven't invested a lot of money there yet. So there's still a laundry list of opportunity from productivity and investments productivity, opportunities we haven't converted

through the terminals and out of the terminals faster we haven't invested a lot of money there yet so there's still a laundry list of opportunity from productivity and investments productivity opportunities we haven't converted


because we think that's where it has the greatest potential and is best meeting the needs of the consumer in that channel. So we have no plans at this time to bring any other brands into the mass channel.

because we think that's where it has the greatest potential and is best meeting the needs of the consumer in that channel so we have no plans at this time to bring any other brands into the mass channel


Good afternoon. My name is Leonie, and I'll be your conference operator today.

good afternoon my name is leone and i'll be your conference operator today


higher level of capital spending reflects a robust pipeline of growth in productivity projects, which are expected to produce a healthy return, as well as support growth of the top and bottom line.

the higher level of capital spending reflects a robust pipeline of growth and productivity projects which are expected to produce a healthy return as well as support growth of the top and bottom line


and we now have our pipeline of deliveries. But -- and on the other hand, we also have other service revenues that are very important on the

and we now have our pipeline of deliveries but -- and on the other hand we also have other service revenues that are very important on the naps


as the year unfolded. And in fact, that's largely what has happened. Unfortunately, it hasn't happened to the extent that we anticipated. And then on top of that, we're ending up with these

as the year unfolded and in fact that's largely what has happened unfortunately it hasn't happened to the extent that we anticipated and then on top of that we're ending up with these


which they will likely spend on improved consumption. This demand, along with potential impacts on driver capacity through electronic logging devices, will create adequate Intermodal demand.

which they will likely spend on improved consumption this demand along with potential impacts on driver capacity through electronic logging devices will create adequate intermodal demand


addition, I wish to thank Martin for his invaluable contributions to Compugen's development for two decades, and we all look forward for his continued support.

in addition i wish to thank martin for his invaluable contributions to compugen's development for 2 decades and we all look forward for his continued support


I want to take a minute to lay out some category data that may help quantify the potential impact that these new innovations may have on the physical console gaming category in the near future.

i want to take a minute to lay out some category data that may help quantify the potential impact these new innovations may have on the physical console gaming category in the near future


that in 2017, we should have some material impact from that work. And even in the short term on some of the rapid replenishment as we're piloting some of those things, we should have some early read on that, too. So

that in 2017 we should have some material impact from that work and even in the short term on some of the rapid replenishment as we're piloting some of those things we should have some early read on that too so


Our guidance includes the interest expense associated with the debt we assumed with one of our acquisitions, as well as the impact of the refinancing activity we expect to close in the second half of the year, which I'll discuss in a moment.

our guidance includes the interest expense associated with the debt we assumed with one of our acquisitions as well as the impact of the refinancing activity we expect to close in the second half of the year which i'll discuss in a moment


With the addition of our El Dorado incinerator, we're setting new records for drum volumes and we are drawing more waste streams from the ongoing expansion that we see in the chemical sector.

with the addition of our el dorado incinerator we're setting new records for drum volumes and we are drawing more waste streams from the ongoing expansion that we see in the chemical sector


The conventional end of the category has seen the largest weakening in demand. The industry shift towards synthetics is moving quickly and we are focused on continuing to grow share in that area.

the conventional end of the category has seen the largest weakening in demand the industry shift towards synthetics is moving quickly and we are focused on continuing to grow share in that area


So -- but it would be hard for me to quantify that at this point because I think it's a matter of completing the restructuring in these plants and then seeing where the economics are versus where you wanted them to be

so -- but it would be hard for me to quantify that at this point because i think it's a matter of completing the restructuring in these plants and then seeing where the economics are versus where you wanted them to be


But I would say the high majority are no-cost additions. And every now and then we come out with features that are very specific in use and do have a cost associated with them. But the costs are always very minimal.

but i would say the high majority are no-cost additions and every now and then we come out with features that are very specific in use and do have a cost associated with them but the costs are always very minimal


And the pricing, you have to compare not the average of the years but compare the September to September pricing, which is much higher

yes and the pricing -- you have to compare not the average of the years but compare the september to september pricing which is much higher


clear or much more attractive as that utilization and reliability comes up because it gives the owners more confidence. But I think there will be opportunities there as well. So yes, that was a good summary.

clear and much more attractive as that utilization and reliability comes up because it gives the owners more confidence but i think there will be opportunities there as well so yes that was a good summary


of certain items in the fourth quarter and full year fiscal 2018 as well as the fourth quarter and full year fiscal 2017. A description of these items and a reconciliation of these non-GAAP measures

of certain items in the fourth quarter and full year fiscal 2018 as well as the fourth quarter and full year fiscal 2017 a description of these items and a reconciliation of these non-gaap measures


These costs reflected in part the customers' evolving objectives, processes and priorities as well as the introduction of new initiatives and the effects of the significant scale of the program.

these costs reflected in part the customers' evolving objectives processes and priorities as well as the introduction of new initiatives and the effects of the significant scale of the program


Non-residential construction is our largest end market, and although we have been experiencing continued moderate improvement and demand over the course of the year, our volume remains well below the peak levels.

nonresidential construction is our largest end market and although we have been experiencing continued moderate improvement in demand over the course of the year our volume remains well below the peak levels


The statements made during the course of this presentation that are not purely historical may be forward-looking statements and are subject to the safe harbor protection available under the applicable securities laws.

the statements made during the course of this presentation that are not purely historical may be forward-looking statements and are subject to the safe harbor protection available under the applicable securities laws


at this time of the year and often during the year and look at all of the projects we're talking to people about, look in all -- look at all of the discussions that we're having with all of our customers.

at this time of the year and often during the year and look at all of the projects we're talking to people about looking -- look at all of the discussions that we're having with all of our customers


And we intend to use those new capabilities as long -- along with the new investments mentioned to improve our ability to deliver the goods and services that our customers value and grow shareholder value.

and we intend to use those new capabilities as long -- along with the new investments mentioned to improve our ability to deliver the goods and services that our customers value and grow shareholder value


Yes, absolutely. So historically we've defined ACV as it has to be incremental to run rate revenue if it's a existing customer signing a commitment.

yes absolutely so historically we've defined acv as it has to be incremental to run rate revenue if it's a existing customer signing a commitment


it's too weak if we know a certain user used PayPay at a certain retailer, so it might be revenue share, it might be buying data from the retailer. I think there's various schemes considered, but

it's too weak if we know a certain user used paypay at a certain retailer so it might be revenue share or it might be buying data from the retailer i think there's various schemes considered but


I have no doubt in my mind that nothing on the income statement has escaped Matt's eye in the last 7 days. So

so i have no doubt in my mind that nothing on the income statement has escaped matt's eye in the last 7 days so


and the way we manage them are a clear indication of our ability to successfully compete in a changing environment by also making the right long-term investment choices going forward.


She has only been on board for about 2 weeks, and her impact has obviously not yet been seen. She is very experienced. And we feel that our licensees who have been not really monitored

she has only been on board for about 2 weeks and her impact has obviously not yet been seen she's very experienced and we feel that our licensees who have been not really monitored


The upper table shows revenue. On the far right side of the table, please look at the comparison with the previous year at Technology Solutions.

the upper table shows revenue on the far right side of the table please look at the comparison with the previous year at technology solutions


And just a comment on the Automotive margins. As we've mentioned before, our European business does carry a higher operating margin than what the total number is.

and just a comment on the automotive margins as we've mentioned before our european business does carry a higher operating margin than what the total number is


Now let me address a matter that's been of concern to many people over the past 2 months. On May 4 of this year, we announced that the company was exploring, on a preliminary basis, various options to enhance shareholder value.

now let me address a matter that's been of concern to many people over the past 2 months on may 4 of this year we announced that the company was exploring on a preliminary basis various options to enhance shareholder value


and higher percentage goes, that number goes up. And then if you take an aggressive case and you say that, let's say, half of it goes and half of it goes nonproprietary, you come to a different number. But I think

and a higher percentage goes that number goes up and then if you take an aggressive case and you say that let's say half of it goes and half of it goes nonproprietary you come to a different number but i think


These risk factors are explained in detail in the company's filings with the Securities and Exchange Commission. Please refer to these filings for a more detailed discussion of forward-looking statements and the risks and uncertainties of such statements.

these risk factors are explained in detail in the company's filings with the securities and exchange commission please refer to these filings for a more detailed discussion of forward-looking statements and the risks and uncertainties of such statements


within the framework was a milestone that was important to us. I'm assuming, it was important to you. The fact that we've done that and the fact that as I've mentioned that growth rate

within the framework was a milestone that was important to us i'm assuming it was important to you the fact that we've done that and the fact that as i've mentioned that growth rate


We commented in our last earnings call that our approach to integration was to be deliberate, extensive and to move with speed. As we told our Board last week,

we commented in our last earnings call that our approach to integration was to be deliberate expensive and to move with speed as we told our board last week


focusing on where we have a very strong surgeon champion. And that's what's really helping to ensure that the adoption and utilization of the robot continues to accelerate. And that includes urban, it includes

focusing on where we have a very strong surgeon champion and that's what's really helping to ensure that the adoption and utilization of the robot continues to accelerate and that includes urban it includes


From an innovation standpoint, I will take you through a number of the initiatives that we created. And I think that we are very excited about and hope that you'll be excited about as they're hitting the market and some of them are hitting the market.

from an innovation standpoint i will take you through a number of the initiatives that we created and i think that we are very excited about and hope that you will be excited about as they're hitting the market and some of them are hitting the market


Overall, the Partnership delivered another quarter and another year of solid operating and financial results, generating stable cash flow and strong year-over-year growth.

overall the partnership delivered another quarter and another year of solid operating and financial results generating stable cash flow and strong year-over-year growth


For more details on these measures, the most comparable GAAP measures and a reconciliation of the 2, please refer to the news release and financial supplement available at assurant.com.

for more details on these measures the most comparable gaap measures and a reconciliation of the two please refer to the news release and financial supplement available at assurant com


good demonstration of the amount of conviction that my partners and I have around the value creation opportunity through the conversion, because some of the challenges that we talked about around

demonstration of the amount of conviction that my partners and i have around the value creation opportunity through the conversion because some of the challenges that we talked about around


So 3 notches up, and you will guess that the benefits are really huge in term of financial flexibility, cost of financing for our future

so 3 notches up and you will guess that the benefits are really huge in term of financial flexibility cost of financing for future


Should we read that as the pipeline of innovation is more robust or there's pretty significant news on the horizon? Or is there really no correlation

should we read that as the pipeline of innovation is more robust or there's pretty significant news on the horizon or is there really no correlation there


The company's actual results could differ materially from those indicated in any forward-looking statements due to many factors, the most important of which are described in the company's latest filings with the Securities and Exchange Commission,

the company's actual results could differ materially from those indicated in any forward-looking statements due to many factors the most important of which are described in the company's latest filings with the securities and exchange commission


I'm just curious, not knowing your internal expectations, where are you exceeding? In terms of placements? In terms of interest or breadth of interest or win rate per day? Just kind of curious what you mean by that.

i'm just curious not knowing your internal expectations where are you exceeding in terms of placements in terms of interest or breadth of interest or win rate per day just kind of curious what you mean by that


Yes. So we're pretty happy with the investments that we've made. I think you're probably referring to our Inspire network that we've upgraded over the last couple of years.

yes so we're pretty happy with the investments that we've made i think you're probably referring to our inspire network that we've upgraded over the last couple of years


All 3 transactions were structured as asset-purchase deals, and 2 of the 3 shows were acquired from trade associations and in all 3 cases were private sales and not public auctions.

all 3 transactions were structured as asset purchase deals and 2 of the 3 shows were acquired from trade associations and in all 3 cases were private sales and not public auctions


In Asia-Pacific, an improved oil and gas mining sector combined with our enhanced commercial presence and a broader portfolio is driving double-digit percent organic growth in the region.

in asia pacific an improved oil and gas and mining sector combined with our enhanced commercial presence and a broader portfolio in driving double-digit percent organic growth in the region


Number four, unconventional shales continue to score well on marginal cost of supply and continue to attract a disproportionate share of incremental capital. Over the past year, the rig count in Midland has risen dramatically,

number four unconventional shales continue to score well on marginal cost of supply and continue to attract a disproportionate share of incremental capital over the past year the rig count in midland has risen dramatically


Furthermore, today's presentation includes the use of non-GAAP financial measures, which management believes provides useful information to investors about the company's financial condition and results of operation.

furthermore today's presentation includes the use of non-gaap financial measures which management believes provides useful information to investors about the company's financial condition and results of operation


The increase was primarily due to cost reduction efforts, which more than offset negative ForEx effects, a decrease in revenue associated with sales volume and model mix and other factors.

the increase was primarily due to cost reduction efforts which more than offset negative forex effects a decrease in revenue associated with sales volume and model mix and other factors


Continuing the discussion around strategies to grow business, it is important to address an issue that, for a couple of years, has taken a real effort to get our arms around, by which I mean, customer attrition.

continuing the discussion around strategies to grow business it is important to address an issue that for a couple of years has taken a real effort to get our arms around by which i mean customer attrition


As an overarching comment, I would say the secular trends in emerging market growth in the plastic processing industry remains intact. Our strategy to drive

as an overarching comment i would say the secular trends and emerging market growth in the plastic processing industry remains intact our strategy to drive


In our compliance business, we continue to gain ground on the competition by leveraging the strengths of our best-in-class solutions for clients' most complex, data management and disclosure needs.

in our compliance business we continue to gain ground on the competition by leveraging the strengths of our best-in-class solutions for clients' most complex data management and disclosure needs


In addition, some of our comments may reference non-GAAP financial measures. A reconciliation of the most directly comparable GAAP financial measure and other associated disclosures are contained in our earnings release and on our website.

in addition some of our comments may reference non-gaap financial measures a reconciliation of the most directly comparable gaap financial measure and other associated disclosures are contained in our earnings release and on our website


And as a result of these efforts, we are excited to launch the new brand in January of 2017. The second part of our relaunch effort is relisting on one of the major exchanges.

and as a result of these efforts we are excited to launch the new brand in january of 2017 the second part of our relaunch effort is relisting on one of the major exchanges


We also remain busy with work on California High-Speed Rail and are still anticipating volume of work increasing substantially by this summer.

we also remain busy with work on california high-speed rail and are still anticipating volume of work increasing substantially by this summer


when compared to the current positioning, it delivers major reductions in fashion floor space and variety store floor space and rebalances that with provision of

and compared to the current of positioning it delivers major reductions in fashion floor space and variety store floor space and rebalances that with provision of


Among the various costs we incur, advertising and distribution costs are expected to weigh on profits more than they did in the previous fiscal year.

among the various costs we incur advertising and distribution costs are expected to weigh on profits more than they did in the previous fiscal year


earlier this month, the company surpassed 20 continuous years of 100% availability in the .com and .net DNS. This record is the result of the expertise of our people and our specialized infrastructure.

earlier this month the company surpassed 20 continuous years of 100% availability in the com and net dns this record is the result of the expertise of our people and our specialized infrastructure


to capitalize on the growing market opportunity and delivering value to our shareholders. With that, I will turn the call over to Kurt. Thank you, Matt.

to capitalize on the growing market opportunity and delivering value to our shareholders with that i will turn the call over to keith thank you matt


due to pretax income, including a loss on the revaluation of our euro denominated debt, which I mentioned before and which is not deductible for tax purposes. Normalizing for these items, we see our underlying

due to pretax income including a loss on the revaluation of our euro-denominated debt which i mentioned before and which is not deductible for tax purposes normalizing for these items we see our underlying


Turning to how this will impact us going forward. As Charlie mentioned, we are hopeful that the new legislation will help stimulate economic activity, which should prove to be beneficial to us and our clients over time.

turning to how this will impact us going forward as charlie mentioned we are hopeful that the new legislation will help stimulate economic activity which should prove to be beneficial to us and our clients over time


Based on a relationship with the company as well as our ability to commit to the full transaction, we are awarded this investment, opportunity and a franchise business in a noncyclical industry.

based on our relationship with the company as well as our ability to commit to the full transaction we were awarded this investment opportunity in a franchise business in a noncyclical industry


As we mentioned last quarter, changing consumer habits have led to declining consumer traffic to physical retail locations because consumers are buying more over the Internet or utilizing the Internet for comparison shopping.

as we mentioned last quarter changing consumer habits have led to declining consumer traffic to physical retail locations because consumers are buying more over the internet or utilizing the internet for comparison shopping


We also continued to identify potential areas for cost reductions to maximize cash flow from the consumer business. In Q2, we launched an aggressive initiative to overhaul customer care.

we also continue to identify potential areas for cost reductions to maximize cash flow from the consumer business in q2 we launched an aggressive initiative to overhaul customer care


Well, thanks, Jord. Appreciate that it is a very busy morning with conference calls and other releases going on. And hopefully we've managed to answer all the questions that everybody had.

well thanks jark i appreciate that it is a very busy morning with conference calls and other releases going on and hopefully we've managed to answer all the questions that everybody had


And so what we're doing as the leader in learning is becoming more and more important. And we recognize that, both with regard to the size of deals that we're closing these days,

and so what we're doing is the leader in learning is becoming more and more important and we recognize that both with regard to the size of deals that we're closing these days


That's exactly what's happening here. Last year, we delivered hundreds of millions of course registrations, hundreds of millions of hours of training, and that translates to

that's exactly what's happening here last year we delivered hundreds of millions of course registrations hundreds of millions of hours of training and that translates to


This will dovetail nicely with our overall marketing efforts as we are looking to bring the brand back to our LA roots and build a story around our luxury product that allows her to be fashionable and very effortless in low-key way. We

this will dovetail nicely with our overall marketing efforts as we are looking to bring the brand back to our l a roots and build a story around our luxury product that allows her to be fashionable in a very effortless and low-key way